The Financial Regulatory Authority (FRA) issued resolutions requiring companies listed on the Egyptian Stock Exchange, and companies operating in non-bank financial activities to submit environmental, social, and governance disclosure reports related to sustainability (ESG standards).
The Chairman of the Authority stated that ESG disclosure reports will be applied to all companies whose securities are listed on the Egyptian Stock Exchange, in addition to companies operating in non-banking financial activities whose issued capital or net ownership rights are not less than 100 million Egyptian pounds.
Whereas, companies whose issued capital or net ownership rights are not less than 500 million Egyptian pounds and that are listed on the Egyptian Stock Exchange, and which are engaged in non-banking financial activities, will be required to complete disclosures related to the financial effects of climate change in accordance with the Task Force on Climate-Related Financial Disclosures (TCFD), with its annual report prepared by its board of directors and attached to the annual financial statements.
Date published: 15 July 2021
Learn more: https://sseinitiative.org/all-news/egyptian-fra-issued-mandatory-esg-and-climate-disclosure/